Vivendi Universal was created in December, 2000 out of a merger agreement between Vivendi, The Seagram Company Ltd., and Canal+. The international merger combined Vivendi's telecommunications assets with Seagram's film, television and music holdings (including Universal Studios) and Canal+'s programming and broadcast capacity. Vivendi Universal's subsidiary Universal Music Group is the world's top music company, with roughly 22% of the global market share in 1999. Heading into 2003, the company is faced with huge debt and its new chairman plans to sell off $16 billion in assets. The previous chairman was forced out over questionable accounting practices and the company is being investigated by the SEC for suspicious financial statements. [Note: The following breakdown reflects interests and assets as of early 2001.]